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For my daughter return
I am going to change the description of the -5000 to be
"scholarship already on 1098-T reported as 1099-NEC" as previous wording did not say it is already on 1098-T.
but her 1098-T box 5 only has $2425, I am going to make it to be $5000 to match. Accordingly reduce the 1098-T box 5 on my return to be $1750. After this change the bottom line tax did not change on both returns.
Do you see any issues doing it this way? Thanks again.
Q. Do you see any issues doing it this way?
A. Simple answer: No. since the tax doesn't change.
It may even be an improvement, as $5000 will go on line 8r of Schedule 1, matching the two $5000 (+ & -) entries on line 8z. Although you were only required to report $2425, as taxable, you can report more.
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